Climbing to record highs after Trump’s victory: Bitcoin. (symbol image)
Keystone
Donald Trump‘s recent election victory has pushed the Bitcoin price to over $87,000, which is further boosting the cryptocurrency.
The Bitcoin price reached a new high on Monday evening Central European Time and exceeded the $87,000 mark. The latest increase is largely driven by Donald Trump’s victory in the US presidential election last week.
On the Bitstamp trading platform, the oldest and best-known cryptocurrency reached a record value of $87,475 after trading below $70,000 before the elections. Other digital currencies such as Ether and Solana also continue to see high demand.
Donald Trump, the Republican candidate, enjoyed strong support within the crypto community during the election campaign. Although he made critical statements about Bitcoin during his first term, he has recently been actively courting crypto supporters. At a major Bitcoin conference in Nashville, Trump promised to leave the crypto market largely unregulated and provide cheap electricity for Bitcoin mining.
Rapid growth
Timo Emden from Emden Research commented: “The pace of the current bull market remains impressive and frightening at the same time.” He described the development as a “Trump trade” and added: “In addition, speculators are probably currently simply afraid of not being part of the current rally. A not insignificant number of investors probably jumped on the bandwagon almost in a panic and blindly.”
Despite the impressive price gains, concerns about possible setbacks are also growing. The $90,000 mark could be reached soon, which could further increase the volatility of the market.
SDA
